Shanghai Electric Power advances €250 million Investment
Chetcuti Cauchi, advisor to Shanghai Electric Power (SEP), is pleased to announce that today the transaction for the acquisition of 33% shareholding in Enemalta and a majority stake in the BWSC plant has been concluded. Today SEP has advanced €250 million to Enemalta as part of the deal. Through this transaction, SEP shares have also been assigned.
Malta Largest Single Foreign Direct Investment
The transaction between the Chinese state-owned corporation Shanghai Electric Power, the Maltese government and Enemalta has constituted the Malta's largest single foreign investment that Malta has ever experienced. SEP will also invest €70 million in converting the BWSC plant from Heavy Fuel Oil to gas and gasoil on June 2016.
Shanghai Electric Power concludes Enemalta Transaction
A government spokesman confirmed that “This means that the contractual obligations and responsibilities under the energy sector and investment cooperation agreement, signed on December 12, will come into force”.
This agreement will bring forth the establishment of two joint venture companies that will focus on renewable energy and on the maintenance of SEP's energy plants in the region. The Government said, “Enemalta will thus be writing a new chapter in its history and will open new horizons for our country”.
Chetcuti Cauchi Advocates is a full service commercial law firm with a focus on corporate, administrative, tax, financial services, banking, i-gaming and intellectual property law. The firm brings a multi-disciplinary approach to problem solving and regularly advises businesses looking to set up their operations in Malta or otherwise invest in the jurisdiction. The firm acts as legal advisors to Shanghai Electric Power and its Chinese legal counsel on various contractual and structural aspects of the deal. The project gave rise to a number of complex legal challenges and required a co-ordinated effort in bringing together the firm’s various strands of expertise in corporate, administrative, property and contract law. The deal represents an important milestone for the Maltese economy, and the Chetcuti Cauchi team is very pleased to be part of this landmark foreign direct investment into the Maltese economy.
The Firm's Energy & Resources Industry Group assists major entities as well as start up companies in the gas, oil, utilities and power industries in identifying opportunities in this ever-evolving industry. Our professionals follow industry developments in the sector very closely, thus they are strategically positioned to advise on international developments, and opportunities as well as business issues. Drawing upon insight from our legal, tax and corporate practices, we are able to assist investors from the very inception of projects up till their completion, offering unrivalled level of expertise all throughout. Whether it is applying for funding or securing trading and planning permissions, our team offers holistic solutions enabling clients to succeed in their endeavours. Whilst being a Malta Cyprus based firm, we serve clients from all around the globe, and thanks to our international connections in various jurisdictions, we have successfully engaged with corresponding firms located in the client’s target jurisdiction.
- Shanghai Power acquires 33% of Maltese utility Enemalta
- Shanghai Electric invests 320 million USD in Maltan power company, Enemalta
- 14 March 2014 - Shanghai Power to acquire 33% of Maltese utility Enemalta